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Rupee rebounds from lifetime lows, gains 18 paise

Thursday, October 11, 2018

The rupee snapped its six-session losing streak to end 18 paise higher at 74.21 against the US dollar yesterday after the American currency weakened overseas.

At the Interbank Foreign Exchange (Forex), the domestic unit opened higher at 74.18 and advanced to 74.05 on fresh dollar selling by exporters amid weakness in the greenback against some currencies overseas.

However, the rupee erased some gains and finally settled for the day at 74.21 -- up by 18 paise, registering its first rise after sixth straight sessions of losses.

Traders said RBI's decision to inject Rs 12,000 cr liquidity into the system through purchase of government bonds on October 11 to meet the festival season demand for funds supported the recovery in rupee.

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